Oklahoma § 36-1107 - Multistate risk - Required application and informational

§ 36-1107. Multistate risk - Required application and informational

filings - Fee payments.

A. After procuring any surplus line insurance where Oklahoma is

the home state and the insurance involves a multistate risk, the

surplus lines licensee and broker shall submit such information

relating to the transaction as may be established by the Insurance

Commissioner. The data shall be provided to the Insurance

Commissioner until and unless in the exercise of his or her sole

discretion and judgment, the Insurance Commissioner decides to enter

or join the Nonadmitted Insurance Multi-State Agreement or any other

multistate agreement or compact with the same function and purpose

and other reporting requirements are thereby established.

B. When Oklahoma is the home state of the insured, the surplus

lines licensee or broker shall make all informational and tax

filings and fee and tax payments electronically in the manner and

form required or to be established by the Insurance Commissioner,

Oklahoma Statutes - Title 36. Insurance

along with any applicable transaction fees. When Oklahoma is the

home state of the insured, the premium tax filings and premium tax

payments shall be provided entirely to the Insurance Commissioner

until and unless, in the exercise of his or her sole discretion and

judgment, the Insurance Commissioner decides to enter or join the

Nonadmitted Insurance Multi-State Agreement or any other multistate

agreement or compact with the same function and purpose.

C. Failure to file the required information, any required fee

payments and make the required premium tax payments in the manner

established by the Insurance Commissioner pursuant to this section

and Section 1115 of this title where Oklahoma is the home state of

the insured shall result, after notice and hearing, in censure,

suspension, or revocation of license or a fine of up to Five Hundred

Dollars ($500.00) for each occurrence or by both such fine and

licensure penalty.

Added by Laws 1957, p. 257, § 1107, operative July 1, 1957. Amended

by Laws 1987, c. 175, § 7, eff. Nov. 1, 1987; Laws 1991, c. 146, §

2, eff. Sept. 1, 1991; Laws 2010, c. 222, § 16, eff. Nov. 1, 2010;

Laws 2011, c. 278, § 13; Laws 2011, c. 360, § 13; Laws 2012, c. 45,

§ 11, emerg. eff. April 16, 2012; Laws 2012, c. 365, § 3, emerg.

eff. June 8, 2012; Laws 2024, c. 195, § 4, eff. Nov. 1, 2024.